Published on 9/26/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.88 million contingent income issuer callable yield notes on indexes, ETF
New York, Sept. 26 – BofA Finance LLC priced $1.88 million of contingent income issuer callable yield notes due Sept. 25, 2025 linked to the Russell 2000 index, the S&P 500 index and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.5%, paid quarterly, if each underlier closes at or above its 65% coupon barrier on the related quarterly observation date.
The securities may be called at par on any quarterly call date starting March 26, 2024.
If the worst performing asset finishes at or above its 65% threshold value, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will lose 1% for every 1% that the worst performing asset declines from initial level.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Contingent income issuer callable yield notes
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Underlying assets: | Russell 2000 index, S&P 500 index and SPDR S&P Regional Banking ETF
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Amount: | $1,876,000
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Maturity: | Sept. 25, 2025
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Coupon: | 11.5%, paid quarterly, if each underlier closes at or above its 65% coupon barrier on the related quarterly observation date
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Price: | Par
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Payout at maturity: | If worst performing asset finishes at or above its 65% threshold value, par; otherwise, 1% loss for every 1% that worst performing asset declines from initial level
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Call option: | At par on any quarterly call date starting March 26, 2024
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Initial levels: | 1,781.826 for Russell 2000 Index, 4,330.00 for S&P 500 Index, $41.43 for SPDR S&P Regional Banking ETF
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Downside thresholds: | 1,158.187 for Russell 2000 Index, 2,814.50 for S&P 500 Index, $26.93 for SPDR S&P Regional Banking ETF, 65% of initial levels
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Coupon barriers: | 1,158.187 for Russell 2000 Index, 2,814.50 for S&P 500 Index, $26.93 for SPDR S&P Regional Banking ETF, 65% of initial levels
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Pricing date: | Sept. 21
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Settlement date: | Sept. 26
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Agent: | BofA Securities, Inc.
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Fees: | 1.75%
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Cusip: | 09711AP51
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